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Individual Taxation

A resident is defined as an individual who is physically present in
Uzbekistan for 183 days or more in a calendar year. Residents are taxed on their worldwide income, while non-residents are taxed only on their Uzbek sources income.

Taxable income for 1995 and 1996 is taxed at the following rates:

Taxable income (less annual non-taxable minimum)

Up to 2 annual minimum wage 15%

2 to 5 annual minimum wage 25%

5 to 10 annual minimum wage 35%

Over 10 times annual minimum wage 40%

Social security contributions

1% of the gross salary to the Social Insurance Fund.

Deductions and Exemptions

All income is taxable in Uzbekistan unless it is specifically exempt. The list of specifically exempt income includes alimony, gift, severance and pension income.

Capital gains

Capital gains in the disposal of shares are exempt for taxation. Capital losses are not deductible.

Other taxes and fees

Value Added Tax ("VAT")

VAT was introduced in Uzbekistan on February 15, 1991. The current rate is
17%.

VAT is levied on turnover from the supply of all goods and services
(including barter transactions), unless they are specifically exempt.
Imports are exempt. Though, VAT is levied on the Uzbek seller's markup of imported goods. Exported goods and services are specifically exempt from
VAT. Exported goods are defined as having cleared customs. Exported services are defined as being supplied to a "foreign person". For the determination of whether services are exported, neither the place of providing the services not the place where the benefits are used are considered, only that the purchaser is a foreign person (entity). It could be argued that Uzbek VAT legislation allows representative offices of foreign legal entities (which are non-resident), paying for services in foreign currency through authorized Uzbek banks to also be classified as
"foreign person".

Effective January 1 1996, the exemption on exported goods and services is only applicable if the importing country does not impose VAT on exports to
Uzbekistan. This restriction is especially important with respect to some members of the CIS as VAT is charged on exports to member states.

The VAT legislation of Uzbekistan allows a credit for VAT incurred, when such goods or services are "charged to the cost of production".

Excise taxes

Excise taxes are payable by domestic producers and importers of excised goods. The list of excised goods is determined by the Cabinet of Ministers and includes tobacco, jewelry, gasoline, liquor and other goods. Exported goods are exempt. Tax rate vary from 5% to 75%. The amount of excise tax is determined by the taxpayer, based on the volume of goods sold and established tax rates on such goods.

Property tax

The 2% rate tax is based on the historical cost of fixed assets used in production. Legislation specifically includes buildings, machinery, equipment and vehicles. Accumulated depreciation does not reduce the taxable base. The following assets are specifically excluded from he taxable base for property tax purposes:

- housing, social and cultural facilities;

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